Ex-CIBN boss Unegbu faults NBS inflation report, puts Nigeria's rate at 35-40%

Dr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), has rejected the latest inflation figures from the National Bureau of Statistics (NBS). He says Nigeria's headline inflation is actually between 35 and 40 per cent, not the 14.43 per cent announced by the statistics bureau.

The NBS on Monday released its Consumer Price Index and inflation report for July 2026, showing headline inflation dropping to 14.43 per cent. But Unegbu insists the data does not match what Nigerians experience in markets and at points of transaction.

NBS data questioned

Unegbu told DAILY POST that inflation has not improved significantly in Nigeria, despite the official figures. He argued that the NBS calculation appears disconnected from everyday reality.

“For me, the inflation that is dropping is neither here nor there. It doesn’t make sense to me because, for me, it is still construed,” he said.

“This is what I say: Inflation is based on looking at the public spread, how people are living. What is the standard of living like? Okay, were you able to buy your fuel, let’s say, N600 per litre? And for me, it is not improving.”

Market prices and living standards

Unegbu said that if inflation were truly falling, the effect would show up in daily transactions. He pointed to basic market items as a simple test.

“If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy one orange for N5, not buy one orange for N15. So, these are the issues,” he said.

He said the NBS CPI data may not accurately capture the pressures Nigerians face. He also said his own tracking points to a much higher rate.

“So, inflation, for me, the dropping does not make sense. We keep our own record, and our own record says inflation is still high in Nigeria. So, my figure is far more, up to 35-40 per cent,” he told DAILY POST.

What it means for consumers and the naira

The disagreement between a former central bank sector leader and the official statistician leaves a mixed picture for Nigerians. If Unegbu is right, price pressures remain severe, meaning household purchasing power is still under heavy strain.

For the naira, persistent high inflation would likely keep pressure on the currency and limit the Central Bank of Nigeria's room to cut interest rates. For now, consumers may not feel any relief at the pump or in the market, even as the official numbers suggest otherwise.